SCHEDULE: Manulife Entities Disclose 5.26% Stake in Landmark Bancorp

Manulife Investment Management (US) LLC and its affiliates have disclosed a significant beneficial ownership stake in Landmark Bancorp Inc., primarily through its investment advisory arm.

Summary

• Manulife Financial Corporation and its indirect, wholly-owned subsidiaries, Manulife Investment Management (US) LLC (MIM (US)) and Manulife Investment Management Limited (MIML), have filed a Schedule 13G.
• MIM (US) beneficially owns 304,314 shares of Landmark Bancorp Inc. Common Stock, representing 5.26% of the class.
• MIML beneficially owns 1,019 shares of Landmark Bancorp Inc. Common Stock, representing 0.02% of the class.
• Manulife Financial Corporation, as the parent, is deemed to have beneficial ownership of the shares held by MIM (US) and MIML.
• The filing is based on 5,790,579 shares of Common Stock outstanding as of November 12, 2025, as reported by Landmark Bancorp Inc. in its Form 10-Q.
• MIM (US) holds sole voting and sole dispositive power over its 304,314 shares.
• MIML holds sole voting and sole dispositive power over its 1,019 shares.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as a significant institutional stake by Manulife suggests a vote of confidence in Landmark Bancorp Inc., although the filing itself is purely informational.

Positives

• A significant institutional investor, Manulife Investment Management (US) LLC, has taken a 5.26% stake in Landmark Bancorp Inc., indicating potential confidence in the company's value.
• The filing confirms Manulife's commitment to regulatory compliance, including certification that MIML's foreign regulatory scheme is comparable to U.S. standards.

Negatives

• The filing itself does not contain any negative information regarding Landmark Bancorp Inc. or the reporting entities' investment strategy beyond the disclosure of ownership.

Risks

• The filing does not explicitly detail risks related to Landmark Bancorp Inc. or the investment, as it is a disclosure of beneficial ownership rather than a comprehensive risk assessment.

Future Outlook

The Schedule 13G filing is a disclosure of current beneficial ownership and does not contain any forward-looking statements or guidance from Landmark Bancorp Inc. or the reporting Manulife entities regarding future performance or strategic plans.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to MIML is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D."

Industry Context

StockSavvy.ai notes that the banking sector, particularly regional banks like Landmark Bancorp Inc., often attracts institutional investment for its stable, albeit sometimes slower, growth profiles and dividend potential. The disclosure of a significant stake by a major financial services group like Manulife suggests a belief in the long-term value or strategic positioning of Landmark Bancorp within its market.

Comparison to Industry Standards

• A 5.26% stake by an institutional investor like Manulife Investment Management (US) LLC is a notable position, often signaling a conviction in the underlying company's fundamentals. While not an activist stake, it places Manulife among the larger institutional holders.
• Compared to other regional banks, a 5% institutional stake is a common threshold for significant disclosure and often indicates that the company has passed a certain level of due diligence by sophisticated investors.
• This level of ownership is typical for passive institutional investors seeking exposure to specific market segments rather than direct operational influence, contrasting with activist investors who might seek larger stakes (e.g., 10%+ in smaller caps) to drive change.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake may be viewed positively, potentially increasing investor confidence and attracting further institutional interest.
• Management: Awareness of a major institutional holder may influence management's strategic decisions, though this filing indicates a passive investment.

Next Steps

• Manulife Investment Management (US) LLC and its affiliates will continue to monitor their investment in Landmark Bancorp Inc.
• Further Schedule 13G/D filings would be required if their beneficial ownership significantly changes (e.g., crosses 10% or drops below 5%) or if they decide to pursue an active investment strategy.

Key Dates

Recommendation

The filing indicates a significant institutional investor has taken a stake, which is generally a positive signal. However, a Schedule 13G is a passive filing and does not provide new operational or financial performance data for Landmark Bancorp Inc. While it suggests institutional confidence, it doesn't present a compelling reason for a 'buy' or 'sell' based solely on this ownership disclosure. Therefore, a 'hold' recommendation is appropriate for existing investors, while potential investors might view this as a positive data point for further due diligence.

Keywords

Landmark Bancorp Inc., Manulife Financial Corporation, Manulife Investment Management, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investment, Financial Services, Banking Sector